According to a new study from Cambridge Ahead, the city’s economy and employment has grown significantly in the past six years. The study shows that companies that work in the knowledge-intensive industry accounted for 28% of employment and 38% of the total £18 billion turnover.
The Cambridge economy continues to grow due to the science and technology sectors, study finds…
With a large number of the UK public furloughed due to the global pandemic, economic growth has been vital for our local city, especially in the science and technology sectors.
The study, Cambridge Cluster Insights, is an annual study researched by the Centre for Business Research at the University of Cambridge. It offers detailed insight into the circumstances of Cambridge’s (and Cambridgeshire as a whole) economy, showing data from the beginning of the first lockdown in March 2020.
Cambridge Cluster Insights examined data from 26,000 companies within a 20-mile radius of Cambridge - it was found that these companies had a combined turnover of £50bn and employed over 239,000 people.
More than 5000 (5,372 or 21%) of these companies were knowledge-intensive sectors including IT, science laboratories and technology manufacturers. These companies contributed to £18bn (38%) of the turnover and 28% of employment (68,000 people).
With this in mind, this study shows that with continued growth and investment, it’s potential that Cambridge can be recognised as one of the “growth beacons” in Britain’s post-pandemic economic recovery. This is a huge positive for the city, considering the rate of growth slowed down in 2019-2020 due to companies starting or restarting business outside of the city.
Now, in order for this rate to grow, it’s important that the knowledge-intensive sectors such as the science and technology businesses begin investing more into infrastructure. As evidence shows, Cambridge could play a huge part in pulling the country out of its economic problem by building the science-based community we need. Bullock argued that “they must put their money where their mouth is and put the infrastructure in.”
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Here at Benchmark Services, as lab relocation specialists, we are proud to work closely with these knowledge-intensive businesses in and around the Cambridgeshire area. We encourage continued growth within Cambridge, and our friendly, trained team are here when you need us.
Benchmark was established in 2001 and are experts in laboratory relocation and delivery of scientific equipment to point of use. We also offer managed storage and warehouse solutions, recycling of redundant equipment, project management and much more.